Retention of cap, which limits annual increases to 2% in rent pressure zones, will jeopardise future investment, Hooke & MacDonald says
Retention of cap, which limits annual increases to 2% in rent pressure zones, will jeopardise future investment, Hooke & MacDonald saysA separate recent report from Davy found that some 85,000 new homes a year will be needed to meet demand.
Noting that investment funding has “virtually ceased” in private sector/build to rent market in Dublin and other cities, MacDonald says a key limiting factor in attracting investment is the cap, and this lack of new builds could prove to be “disastrous for the future of the rental sector”. “In reality, it is the only option for largely unviable apartment sites. In the last 18 months the forward purchasers and funding in this area has increased substantially,” the report says.
The two largest residential investment transactions in 2023 were recorded in the first quarter of that year. The first was the sale by Carysfort Capital/TPG Angelo Gordon of Opus, Hanover Quay, Grand Canal Dock, Dublin 2. The sale comprised 120 apartments, which were completed by Cairn Homes in 2019, to Pontegadea at €101 million. This equated to a net yield of about 4.3 per cent.
Renting Rent-Pressure-Zones Property Dublin
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